GMR Infrastructure, the infrastructure holding company of GMR group, announced that France's Groupe ADP will acquire 49 per cent stake in its airport business for Rs 107.80 billion, a move that will help the group reduce debt burden.

''The first tranche of Rs 52.48 billion will be received by GMR Group immediately. This money will help deleverage the group further and result in improved cash flows and profitability,'' the group said in a statement.

Under a share purchase agreement, Groupe ADP would have 49 per cent stake in GMR Airports Ltd (GAL) for an equity consideration of Rs 10,780 crore. This values GAL at the base post money valuation of Rs 220 billion.

Out of the total amount, Rs 97.80 billion would be towards secondary sale of shares by GMR group and Rs 10 billion would be equity infusion in GAL, as per the statement.

''As part of the terms of transaction, GMR will retain management control over the Airports Business with Groupe ADP having the customary rights and Board representation at GAL & its key subsidiaries,'' it said.